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Albany IDA Project Index

Capital District Apartments

Project Number: 01011701

Project Address: 2 Thurlow Avenue

Applicant Name: Capital District Apartments, LLC

Owner(s): GSG LITHC Investor LLC, Capital District Apartments MM LLC

Developer: Preservation Development Partners

Project Description:

The project consists of the acquisition and renovation of the existing 136 units of Section 8 senior and handicapped housing located at 2 Thurlow Terrace. The 9-story structure was built in 1979 and encompasses 85,000 SF. Renovations will include, but are not limited to the following: new kitchens and baths including new appliances, replacement of all windows, improvements to common areas and upgrades to the elevators. Additionally, the developer will undertake needed roof repairs, improvements to sidewalks and parking areas, a new boiler system installation and exterior landscaping. The developer intends to sign an agreement to maintain the property as affordable housing for 40 years.

Approval Date: 03/01/2017

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT): $2,298,940

Estimated Employment Impact: 75 Construction jobs and 0 full-time jobs created, 3 full-time retained

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